Accounting 225

CheckPoint: stock list Systems and Calculating Revenues, Expenses, and Income Resource: Fundamental Accounting Principles, pp. 206, 208, and 209. overdue Date: Day 5 [Individual] forum Complete dissolute Study question QS 5-8 on p. 206 and doings 5-9 and 5-13 on pp. 208-209. Post your answers as an attachment. QS 5-8A Contrasting periodic and staring(a) systems Identify whether separately commentary best applies to a periodic or a perpetual inventory system.

a. Provides more timely information to managers. Perpetual
b. Requires an adjusting entry to playscript inventory shrinkage. Perpetual
c. Markedly increased in frequency and popularity in business within the past decade. Perpetual
d. Records cost of goods sold each time a gross sales transaction occurs. Perpetual

:
Exercise 5-9
sales a)$60,000 b)$42,500 c)$36,000 d)? e)23,600
cost of goods sold
merchandise inventory a) $6,000 b) 17,050 c) 7,500 d) 7,000 e)2,560
purchases a) 36,000 b) 1550c)33750d)32,000 e) 5,600
Merchandise inventory (ending) a) (7950) b)(2,700) c) (9,000) No figure e) (2560_
cost of goods sold a)34,050 b)15,900 c)32250 d)?



e)5,600
Gross profit a)25950 b)26600c) 3,750 d) 45,600) e)18000
Expenses a) 9,000 b)10,650 c) 12,150 d)2,600 e) 6,000
network income (loss) a)16950 b)15,950 c)(8,400) d)43,000e)12000

d figure can not be metric as inventory ending balance is not given.

Exercise 5-13
PeriodicPerpetual
1 procures Dr. 1400Inventory Dr1400
Accounts Payable Cr 1400Accounts payable Cr.1400

2.
Accounts Payable Dr.1400 Accounts Payable Dr.1400
silver Cr.1372 funds Cr 1372
Purchase discount Cr 28Inventory Cr 28

3.
Cash Dr. 100Cash Dr 100
Purchase return and allowance Cr100Inventory Cr 100
4.
Freight in Dr. 80Inventory Dr. 80
Cash Cr 80Cash Cr 80
5.
Account due Dr 1500Account Receivable Dr. 1500
Sales Cr 1500Sales Cr. 1500

hail of goods sold Dr 750
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